7 Money Moves to Retire Smarter, Live Better
Picture this: you've traded rush-hour traffic for coffee on the porch, but your savings account is whispering "slow down." With the average Social Security check reported at just $1,976 per month, it's more important than ever to stretch those dollars. A few smart tweaks can make your money last longer — and keep the good times rolling.
1. Downsize Like a Pro
Once upon a time, you needed every inch of that five-bedroom house. Now? Maybe not so much. Housing is typically the largest expense — even for homeowners with no mortgage — and moving to a smaller space can dramatically lower costs. Less upkeep, lower bills, and maybe even a nice little profit if you sell.
2. Embrace Your Inner Chef
Restaurant bills can drain your retirement faster than you can say "super-size." Cooking at home not only saves potentially hundreds of dollars a month but could even boost your health. Channel your inner Julia Child — even if tonight's special is "whatever's in the fridge" stew.
3. Stay Local, Live Large
Sure, a cruise around the Greek Isles sounds dreamy — until you see the airfare. Local travel can give you all the excitement without the sticker shock, especially with sky-high travel costs today. Road trip, anyone?
4. Delay That Social Security Check
Grabbing Social Security at 62 is tempting. But waiting until age 70 can boost your monthly payout by up to 24%, according to GoBankingRates.com. Think of it as giving your future self a serious bonus.
5. Rent Out That Empty Space
Not ready to leave the family home? You can still cash in by renting out extra rooms. Whether it's long-term tenants or short-term guests, it could mean significant side income without major effort.
6. Snag Every Discount You Can
A senior discount isn't just a few bucks off — it's a secret superpower. From restaurants to phone plans, asking for discounts can add up to serious savings. And yes, signing up for AARP can open even more doors.
7. Stick to a Budget (Even a Fun One)
Budgeting isn't about saying "no" — it's about knowing when to say "yes." Without a budget, it's dangerously easy to overspend. Plan your fun and your essentials side-by-side, and you'll be set for the long haul.
Here's the real secret: stretching your retirement savings isn't about living smaller. It's about living smarter — so you can savor every spontaneous ice cream trip, lazy morning, and bucket-list adventure. Enjoy!
References: Stretch Retirement Savings: 7 Ways To Make Your Money Last | 10 tips to help you boost your retirement savings — whatever your age | What is the average monthly benefit for a retired worker?
